U.S. Soybean Shenanigans

A report by Ken Roberts atForbesnotes that in U.S. Census Bureau data released Friday, China's percentage of U.S. soybean exports fell to less than 2% for the month of August. In and of itself, that is a stunning and precipitous decline, even with 25% tariffs in place.

But wait. U.S. soybean exports are increasing this year, not decreasing. Not only in value but in tonnage as well.

So, what's happening?

At first glance, it looks like soybean exports headed to other markets are finding their way to China in a work-around on tariffs, covering not only the $1.52 billion decrease to China this year but the $737.72 million overall increase. Or are we witnessing a massive shift in supply chains, created by the world's largest producer no longer supplying the world's largest buyer?

Read the full report atForbes.